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The Financial Conduct Authority said it had limited powers to object to the arrangement with Paysafe, a London-based payments provider, despite its concerns about Binance offering complex and high-risk investments to consumers.

The FCA had ordered Binance to stop all UK regulated activity last June over worries about weak consumer protections, amid a wider crackdown on the cryptocurrency industry’s potential role in fraud and money laundering.

Some of the UK’s largest high street banks, including Santander and Barclays, also took action, barring customers from sending money to the exchange.

However, the deal opens the potential for Binance users to deposit sterling via Paysafe through the Faster Payments Service, the network for sending money between bank accounts operated by Pay.UK, which owns the system.

An FCA spokesperson said: “Our concerns about Binance remain. We received a notification of this business partnership but have…

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